Thursday May 15, 03:37 PM
European Minerals pretax loss widens; good progress continues at Varvarinskoye
LONDON (Thomson Financial) - European Minerals Corp (EPM.TO - news) . posted a much wider first-quarter pretax loss as costs soared, and said it continues to make good progress at the Varvarinskoye gold-copper mine in Kazakhstan.
The company reported a pretax loss of $32.52 million for the quarter to March 31, 2008, compared with a loss of $10.85 million a year earlier. Costs rose to $32.72 million from 11.08 million.
It reiterated the Varvarinskoye mine is on target to reach commercial production in the third quarter of this year.
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